Shares of Align Technology (NSDQ:ALGN)
rose nearly 16% on Wall Street yesterday after the company reported 1st-quarter sales and earnings growth rates that each hovered around 30%.
The orthodontic device maker posted earnings of $21.0 million, or 26¢ per diluted share, on sales of $135.1 million for the 3 months ended March 31. That’s a bottom-line gain of 32.9% and a top-line addition of 28.8%, compared with profits of $15.8 million, or 20¢ diluted EPS, on sales of $104.9 million during Q1 2011.
Excluding 1-time items, adjusted EPS were 27¢ apiece, a penny under Wall Street analysts’ expectations.
"Strong Invisalign volume, particularly from North American orthodontists, drove better-than-expected revenue, margins and EPS, and we achieved a major milestone – our first $100 million quarter in North America sales, president & CEO Thomas Prescott said in prepared remarks. "In addition, our scanner and CAD/CAM services business was up nicely this quarter."
Looking ahead, Align said it expects to post revenues of between
$140.2 million and $143.7 million, diluted EPS of 25¢-27¢ and adjusted EPS of 26¢-28¢.
